Tag: stock market

Sears Holdings Corp. said Wednesday that it has agreed to an amendment to its Pension Plan Protection and Forbearance Agreement that will release about 140 Sears properties from a ring-fence arrangement in order to pay $407 million into its pension plan. A ring-fence arrangement sets aside certain assets for various benefits including lower taxes. Sears says the amendment will close in about three months, and the financing will be repaid over the next two years through the proceeds of sales of these properties. Sears says it’s required to make a $37 million quarterly payment to the pension plan in December, but will be relieved of the obligation after the $407 million contribution. The retailer had a third-quarter net loss of between $525.0 million and $595.0 million, compared with a loss of $748.0 million last year. Third-quarter sales were $3.7 billion, down from $5.0 billion year-over-year. The FactSet consensus is for $4.0 billion. Revenue was hurt by fewer pharmacies in Kmart stores and reduced consumer electronics merchandise in Kmart and Sears stores. Total same-store sales fell 15.3%, with Kmart same-store sales falling 13% and Sears same-store sales dropping 17%. The same-store sales consensus was for a 6.2% decline. Sears shares are down 1% in Wednesday premarket trading, and down 56.6% for the last year. The SPDR S&P Retail ETF is down 6.5% for the last 12 months and the S&P 500 index is up 21.1% for the period.

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Shares of Take -Two Interactive Software Inc. were up more than 12% in premarket trade on Wednesday after the video game maker reported 2018 fiscal second-quarter earnings after the bell on Tuesday. Take-Two management raised guidance for the full year due to what they saw as a better-than-expected quarter. Take-Two’s quarter was driven by the release of “NBA 2K18” and continued success around the “Grand Theft Auto” franchise, more than four years after the launch of the most recent game’s online mode. With that, and the opportunity surrounding the delayed release of “Red Dead Redemption 2,” Piper Jaffray analyst Michael Olson wrote that he’s maintaining an overweight rating and raising his 12-month price target to $125 from $110. “With Red Dead 2 delayed until the spring, 2018 guidance continues to be driven by growth of higher-margin digital revenue from increasing full game downloads, and recurrent consumer spending on GTA Online and NBA 2K,” Olson wrote in a note to investors. “We believe there are three components of Take-Two’s business that, when combined, have the potential to drive upside to estimates in the coming quarters and years: recurrent consumer spend, full game downloads, and two ‘call options’ (mobile & eSports).” Shares of Take-Two Interactive have increased nearly 116% in the year to date, while the S&P 500 index is up close to 16% and the Dow Jones Industrial Average is up more than 19%.

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Shares of MGM Resorts International fell nearly 4% in premarket trade on Wednesday after the company reported third-quarter profit that was below Wall Street expectations. MGM reported net income of $149.1 million, or 26 cents per share during the quarter, down from income of $535.6 million, or 94 cents per share during the same quarter a year ago. FactSet’s consensus on earnings per share was 35 cents. Revenue was $2.83 billion, compared with $2.52 billion in the year earlier period. FactSet’s consensus on revenue was $2.77 billion. Shares of MGM Resorts are up more than 9% in the year to date, while the S&P 500 index is up nearly 16% and the Dow Jones Industrial Average is up more than 19%

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Shares of Regeneron Pharmaceuticals Inc. rallied 2.6% in premarket trade Wednesday, after the biotechnology company reported third-quarter profit and revenue that rose above expectations. Net income increased to $388.3 million, or $3.32 a share, from $264.8 million, or $2.27 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $3.99, beating the FactSet consensus of $3.82. Revenue rose to $1.50 billion from $1.22 billion, above the FactSet consensus of $1.45 billion, as net product sales, Sanofi collaboration revenue and Bayer collaboration revenue all beat expectations. Sales of its lead retinal therapy Eylea rose 12% to $953 million, beating the FactSet consensus of $935 million. The stock has fallen 14% over the past three months through Tuesday, while the iShares Nasdaq Biotechnology ETF has slipped 0.1% and the S&P 500 has gained 4.7%.

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Wendy’s Co. shares fell 5.1% in Wednesday premarket trading after the fast-food chain reported third-quarter earnings and revenue that missed consensus. Net income totaled $14.3 million, or 6 cents per share, down from $48.9 million, or 18 cents per share, for the same period last year. Adjusted EPS was 9 cents per share, missing the 12-cents FactSet consensus. Revenue totaled $308.0 million, down from $364.0 million last year and below the $310.0 million FactSet estimate. Wendy’s attributed the earnings and revenue declines to a few factors including the ownership of 249 fewer company-operated restaurants and a year-over-year decrease in franchise fees, resulting from “system optimization activity” including the sale of 156 company-operated restaurants. Same-restaurant sales rose 2% for the quarter, below the 2.3% growth FactSet forecast. Wendy’s sees full-year same-restaurant sales growth of about 2% to 2.5% for North America and adjusted EPS of 43 cents to 45 cents. The FactSet consensus is for same-restaurant sales growth of 2.1% and EPS of 46 cents. Wendy’s shares are up 32.4% for the last year while the S&P 500 index is up 21.1% for the period.

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Digital Ally Inc. shares jumped 19% in premarket trade Wednesday, after the video recording equipment and analytic software company said it is exploring its strategic alternatives including a possible sale of the company. The Lenexa, Kansas-based company said options include “monetizing its patent portfolio and related patent infringement litigation against Axon Enterprise, Inc. (“Axon,” formerly known as TASER International, Inc.) and Enforcement Video, LLC d/b/a WatchGuard Video (“WatchGuard”), the sale of the company as a whole, or the sale of select properties or groups of properties or individual businesses.” The company has retained Roth Capital as adviser and has already received several unsolicited inquiries involving a variety of possible deals. Shares have fallen 57% in 2017, while the S&P 500 has gained about 16%.

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Shares of Snap Inc. bounced to pare earlier sharp losses in premarket trade Wednesday, as the social media company’s disclosure that Tencent Holdings Ltd. took a large stake helped offset disappointing third-quarter results. The stock was down 9.1% in active premarket trade, but was down as much as 21.4% earlier. Volume was 7.8 million shares about two hours before the open, making it the most actively traded stock in the premarket. The Snapchat parent said in its quarterly filing with the SEC that Chinese technology giant Tencent and its affiliates acquired in November about 145.8 million Class A Snap shares, which represents about 17% of the Class A shares outstanding, or about 12% of the total shares outstanding. That would be enough to make Tencent the largest shareholder. Late Tuesday, Snap’s stock plunged reported a wider-than-expected loss and revenue that rose less than expected. Snap’s stock had closed Tuesday at $15.12, or down 38% from its first day of trade on March 2, and 11% below its IPO price of $17. In comparison, the Renaissance IPO ETF had gained 22% from March 2 through Tuesday, while the S&P 500 had climbed 8.8%.

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Shares of hydrogen fuel cell company Plug Power Inc. slumped 6.5% premarket Wednesday, after the company’s third quarter loss widened from the year earlier. Plug Power said it had a net loss of $41.0 million, or 18 cents a share, in the quarter, after a loss of $13.4 million, or 7 cents a share, in the year-earlier period. Adjusted for warrant related charges and other items, the company had a per-share loss of 4 cents, narrower than the 5 cents FactSet loss consensus. Revenue rose to $61.4 million from $17.6 million, ahead of the FactSet consensus for $56.3 million. The company said it made progress on bookings in the quarter with a total of nearly $160 million. It reiterated its bookings target for the year of $325 million, but said it is not without risk. “We need to maintain a high level of performance with Amazon and Walmart to close additional 2018 commitments in the fourth quarter, and attract additional customers to multi-site agreements,” the company said in a statement. “We will need our manufacturing teams to convert the bookings we have already made to orders, by the end of the year. ” Shares have gained 155% in 2017, while the S&P 500 has gained 16%.

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Sky PLC has hinted it may close down its Sky News operation if it impedes 21st Century Fox Inc.’s bid to take full control of the U.K. broadcaster. On Wednesday, Sky told the Competition Markets Authority that the regulator should not assume that Sky News will continue to compete against local rivals if the takeover goes ahead. “Sky would likely be prompted to review the position in the event that the continued provision of Sky News in its current form unduly impeded merger and/or other corporate opportunities available in relation to Sky’s broader business,” the media company said in a statement. In October, the CMA opened a probe into 21st Century Fox’s plans to buy the 61% of Sky it doesn’t already own, looking at the impact on U.K. media plurality. 21st Century Fox and News Corp., parent company of Dow Jones, share common ownership. The two companies, which split in 2013, each count the Murdoch family as a major shareholder.

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Democrat Ralph Northam has won the Virginia governor’s race, the Associated Press and NBC News projected Tuesday night, in what many analysts see as a rebuke to President Donald Trump. With more than 60% of the votes counted, Northam led Republican Ed Gillespie 51.7% to 47.2%. Gillespie, a Republican establishment candidate, was endorsed by Trump. Coming a year after presidential elections, the Virginia governor’s race is traditionally seen as a bellwether of voter sentiment toward the incumbent president. Meanwhile, the AP and CNN projected Democrat Phil Murphy to easily win the governor’s race in New Jersey over Republican Kim Guadagno, succeeding Chris Christie.

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